PSCF vs VFH: Grades, Fees and Holdings Compared

Invesco S&P SmallCap Financials ETF

PSCFBNasdaq

Vanguard Financials ETF

VFHBNYSE Arca

Overlap

3.6%by weight

Expense ratio

VFH −0.20pt a year

PSCF0.29%VFH0.09%

Avg volume · 30D

VFH 143.3×the volume

PSCF4.04KVFH579K

10Y return · a year

VFH +6.1pt

PSCF+6.8%VFH+12.9%

PSCF vs VFH Performance

Oct 29, 2021 – Oct 30, 2026

+18.0%PSCF+52.3%VFH

Expense ratio: PSCF 0.29%; VFH 0.09%, better
Fund size: PSCF $29M; VFH $13.9B
1Y total return: PSCF +17.3%, better; VFH +9.6%
Yield (12M): PSCF 2.22%, better; VFH 1.71%
Holdings: PSCF 161; VFH 426
Avg volume (30D): PSCF 4.04K sh; VFH 579K sh, better
NAV per share: PSCF $62.75; VFH $137.29
52W range

ETF.net Grade

Pillar letters and Scores for PSCF, VFH, with each pillar’s weight
Pillar	PSCF	VFH
Cost30% weight	A82	A88Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C48	C53Higher
Tradability15% weight	D25	B56Higher
Holdings10% weight	A89Higher	C53
Durability5% weight	D28	A84Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. PSCF and VFH are both graded against the same 18 Financials (Broad) funds, so their Grades compare head to head.

Financials (Broad)⁠

Category · 18 funds

See all 18 ›

VFH ranks 4th and PSCF 7th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 76
Rank 3AKIEState Street SPDR S&P Insurance ETFScore 72
Rank 4BVFHVanguard Financials ETFScore 69
Rank 5BIXGiShares Global Financials ETFScore 66
Rank 7BKBWPInvesco KBW Property & Casualty Insurance ETFScore 61
Rank 7BPSCFInvesco S&P SmallCap Financials ETFScore 61
Rank 9BIAKiShares U.S. Insurance ETFScore 57

Our read on each fund

ETF.net Research

PSCFBInvesco S&P SmallCap Financials ETF

VFHBVanguard Financials ETF

In short

PSCF Most financials ETFs buy Wall Street. This one buys Main Street: about 160 small-cap banks, insurers and eligible REITs from the S&P SmallCap 600, held in index weight since 2010.

VFH Financials without the size filter. VFH holds roughly 400 US financial stocks, from the megabanks down to small regional lenders and insurers, for 0.09% a year.

Stated mandate

PSCF The Fund seeks exposure to small-capitalization U.S. financial service companies by normally investing at least 90% of its total assets in securities comprising its underlying index, including eligible REITs.

VFH VFH seeks to track the MSCI US Investable Market Index (IMI)/Financials 25/50, providing passively managed, multicapitalization exposure to U.S. financial-sector equities.

Why people hold it

PSCF A pure slice of small-cap finance: community lenders, insurers and eligible REITs pulled from the S&P SmallCap 600, roughly 160 names deep.invesco.com
Rules-based wrapper: normally at least 90% of assets sit in index constituents, so weights come from the benchmark rather than a manager's call.invesco.com
The benchmark is a capped index, which limits how big any single lender or REIT can get inside the portfolio.invesco.com
Running since 2010, a long record in a corner of the market most sector funds skip entirely. Pays quarterly.

VFH Owns the whole sector, not just the giants: roughly 400 US financial names through MSCI's US IMI Financials 25/50 index, megabanks through small regional lenders and insurers.vanguard.com
Costs 0.09% a year, a fraction of what the typical broad financials fund charges.vanguard.com
Running since 2004, now a multi-billion-dollar fund that trades actively, and it has stayed close to its index. One of the strongest implementations in the financials group.
Pays out quarterly, passively managed, no manager stock-picking inside the sector.

Worth knowing

PSCF At 0.29%, it costs more than the broad S&P 600 trackers it sits beside, like SPSM (0.03%) and IJR (0.06%). That is the toll for the sector cut.
One sector, one size band. Small lenders move together with rates and credit conditions, with no large-cap ballast to soften the ride.
A small fund that trades lightly next to the broad small-cap funds in its group, so bid-ask spreads can run wider.

VFH One sector, one storyline: banks, insurers and brokers tend to move together with interest rates and the credit cycle.
The multicap reach cuts both ways. Small regional banks and niche insurers ride along with the megacaps, and they can swing harder.
Cost isn't the edge here: XLF and FNCL sit at essentially the same fee. Breadth of coverage is the real differentiator.

Full PSCF profile⁠

Full VFH profile⁠

PSCF vs VFH Holdings

How PSCF and VFH differ

Overlap by weight

3.6%

Shared holdings make up 72.8% of PSCF and 3.6% of VFH.

Level by level

Holdings116 in both3.6%
Sector7 Sectors69.7%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in PSCF and VFH, widest gap first
Sector	More in PSCFMore in VFH	PSCF	VFH
Financials	VFH +30.1 points	67.2%	97.3%
Real Estate	PSCF +28.2 points	28.8%	0.6%
Technology	PSCF +1.8 points	3.7%	1.9%
Industrials	PSCF +0.2 points	0.3%	0.1%
Health Care	VFH +0.1 points	0.0%	0.1%
Consumer Discretionary	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in PSCF and VFH, widest gap first
Country	More in PSCFMore in VFH	PSCF	VFH
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

PSCF15.3%
VFH48.5%

Securities held

PSCF160
VFH424

Asset class

PSCF: Equity
VFH: Equity

Holdings

Only in PSCF44
In both116
Only in VFH308

Only in PSCF

44 securities, 27.1% of PSCF by weight

Ryman Hospitality Properties Inc2.07%
Terreno Realty Corp1.61%
Macerich Co/The1.55%
Essential Properties Realty Trust Inc1.31%
Outfront Media Inc1.29%
Phillips Edison & Co Inc1.12%
Tanger Inc0.96%
Apple Hospitality REIT Inc0.93%
Millrose Properties Inc0.91%
SL Green Realty Corp0.81%
LXP Industrial Trust0.81%
Highwoods Properties Inc0.76%
Broadstone Net Lease Inc0.75%
National Health Investors Inc0.74%
Cushman & Wakefield Ltd0.69%
Curbline Properties Corp0.69%
DiamondRock Hospitality Co0.67%
St Joe Co/The0.62%
Acadia Realty Trust0.59%
Urban Edge Properties0.56%
Pebblebrook Hotel Trust0.55%
Four Corners Property Trust Inc0.55%
InvenTrust Properties Corp0.54%
Sunstone Hotel Investors Inc0.54%
LTC Properties Inc0.54%
Howard Hughes Holdings Inc0.52%
Xenia Hotels & Resorts Inc0.43%
NETSTREIT Corp0.40%
Douglas Emmett Inc0.39%
Getty Realty Corp0.37%
Global Net Lease Inc0.33%
Innovative Industrial Properties Inc0.33%
Triumph Financial Inc0.32%
Enact Holdings Inc0.30%
Medical Properties Trust Inc0.27%
American Assets Trust Inc0.24%
Easterly Government Properties Inc0.23%
Centerspace0.22%
JBG SMITH Properties0.16%
Marcus & Millichap Inc0.14%
Safehold Inc0.12%
AGNT Inc0.09%
Saul Centers Inc0.08%
Securities Lending - Bnym0.00%

Only in VFH

308 securities, 95.9% of VFH by weight

JPMorgan Chase & Co10.46%
Berkshire Hathaway Inc8.36%
Visa Inc7.10%
Mastercard Inc5.32%
Bank of America Corp4.20%
Goldman Sachs Group Inc/The2.96%
Wells Fargo & Co2.88%
Morgan Stanley2.64%
Citigroup Inc2.61%
Charles Schwab Corp/The1.92%
American Express Co1.91%
Blackrock Inc1.85%
Progressive Corp/The1.44%
S&P Global Inc1.42%
Chubb Ltd1.35%
Capital One Financial Corp1.34%
Bank of New York Mellon Corp/The1.17%
CME Group Inc1.13%
US Bancorp1.07%
PNC Financial Services Group Inc/The1.06%
Intercontinental Exchange Inc1.02%
Robinhood Markets Inc1.01%
Blackstone Inc0.99%
Marsh & McLennan Cos Inc0.98%
Travelers Cos Inc/The0.88%
Moody's Corp0.80%
Arthur J Gallagher & Co0.70%
KKR & Co Inc0.68%
Allstate Corp/The0.68%
Truist Financial Corp0.67%
Aon PLC0.67%
MetLife Inc0.61%
Aflac Inc0.61%
Apollo Global Management Inc0.58%
State Street Corp0.57%
Fifth Third Bancorp0.55%
Ameriprise Financial Inc0.53%
Nasdaq Inc0.50%
American International Group Inc0.47%
Prudential Financial Inc0.47%
Coinbase Global Inc0.47%
MSCI Inc0.46%
Block Inc0.45%
Interactive Brokers Group Inc0.43%
Hartford Insurance Group Inc/The0.40%
M&T Bank Corp0.38%
Arch Capital Group Ltd0.37%
Huntington Bancshares Inc/OH0.37%
Northern Trust Corp0.35%
Cboe Global Markets Inc0.34%

Weight gaps

The 100 widest of 116 Holdings in both funds.

Holding weights in PSCF and VFH, widest gap first
Holding	More in PSCFMore in VFH	PSCF	VFH
Jackson Financial IncJXN	PSCF +1.81 points	1.91%	0.10%
Lincoln National CorpLNC	PSCF +1.52 points	1.60%	0.08%
StoneX Group IncSNEX	PSCF +1.26 points	1.34%	0.08%
MarketAxess Holdings IncMKTX	PSCF +1.24 points	1.31%	0.07%
Atlantic Union Bankshares CorpAUB	PSCF +1.22 points	1.28%	0.06%
Victory Capital Holdings IncVCTR	PSCF +1.20 points	1.26%	0.06%
Axos Financial IncAX	PSCF +1.13 points	1.18%	0.05%
Rithm Capital CorpRITM	PSCF +1.13 points	1.19%	0.06%
Ameris BancorpABCB	PSCF +1.11 points	1.17%	0.06%
Remitly Global IncRELY	PSCF +1.07 points	1.12%	0.05%
HA Sustainable Infrastructure Capital IncHASI	PSCF +1.03 points	1.08%	0.05%
Eastern Bankshares IncEBC	PSCF +1.02 points	1.07%	0.05%
Radian Group IncRDN	PSCF +1.01 points	1.06%	0.05%
Piper Sandler CosPIPR	PSCF +0.99 points	1.04%	0.05%
Fulton Financial CorpFULT	PSCF +0.97 points	1.02%	0.05%
Virtu Financial IncVIRT	PSCF +0.97 points	1.02%	0.05%
Enova International IncENVA	PSCF +0.96 points	1.01%	0.05%
United Community Banks Inc/GAUCB	PSCF +0.96 points	1.01%	0.05%
Moelis & CoMC	PSCF +0.95 points	1.00%	0.05%
Cathay General BancorpCATY	PSCF +0.93 points	0.98%	0.04%
BGC Group IncBGC	PSCF +0.89 points	0.94%	0.05%
ServisFirst Bancshares IncSFBS	PSCF +0.88 points	0.93%	0.05%
Bread Financial Holdings IncBFH	PSCF +0.87 points	0.92%	0.05%
WSFS Financial CorpWSFS	PSCF +0.86 points	0.91%	0.05%
First BanCorp/Puerto RicoFBP	PSCF +0.86 points	0.91%	0.05%
Independent Bank CorpINDB	PSCF +0.85 points	0.89%	0.04%
PJT Partners IncPJT	PSCF +0.83 points	0.87%	0.04%
Lazard IncLAZ	PSCF +0.83 points	0.87%	0.04%
CVB Financial CorpCVBF	PSCF +0.81 points	0.85%	0.04%
WesBanco IncWSBC	PSCF +0.80 points	0.84%	0.04%
StepStone Group IncSTEP	PSCF +0.79 points	0.83%	0.04%
Renasant CorpRNST	PSCF +0.79 points	0.83%	0.04%
Palomar Holdings IncPLMR	PSCF +0.77 points	0.81%	0.04%
Nicolet Bankshares IncNIC	PSCF +0.74 points	0.78%	0.04%
First Financial BancorpFFBC	PSCF +0.73 points	0.77%	0.04%
Genworth Financial IncGNW	PSCF +0.73 points	0.77%	0.04%
NCR Atleos CorpNATL	PSCF +0.72 points	0.76%	0.04%
Simmons First National CorpSFNC	PSCF +0.72 points	0.76%	0.04%
Dave IncDAVE	PSCF +0.72 points	0.76%	0.04%
Community Financial System IncCBU	PSCF +0.71 points	0.75%	0.04%
NMI Holdings IncNMIH	PSCF +0.70 points	0.73%	0.03%
Seacoast Banking Corp of FloridaSBCF	PSCF +0.67 points	0.71%	0.04%
First Hawaiian IncFHB	PSCF +0.66 points	0.70%	0.04%
First Interstate BancSystem IncFIBK	PSCF +0.66 points	0.70%	0.04%
BankUnited IncBKU	PSCF +0.65 points	0.69%	0.04%
Credit Acceptance CorpCACC	PSCF +0.66 points	0.69%	0.03%
Provident Financial Services IncPFS	PSCF +0.65 points	0.68%	0.03%
Banc of California IncBANC	PSCF +0.63 points	0.66%	0.03%
Park National CorpPRK	PSCF +0.63 points	0.66%	0.03%
Assured Guaranty LtdAGO	PSCF +0.63 points	0.66%	0.03%
WisdomTree IncWT	PSCF +0.61 points	0.65%	0.04%
Customers Bancorp IncCUBI	PSCF +0.60 points	0.63%	0.03%
Bank of Hawaii CorpBOH	PSCF +0.60 points	0.63%	0.03%
NBT Bancorp IncNBTB	PSCF +0.59 points	0.62%	0.03%
Mercury General CorpMCY	PSCF +0.58 points	0.61%	0.03%
FB Financial CorpFBK	PSCF +0.58 points	0.60%	0.03%
Acadian Asset Management IncAAMI	PSCF +0.58 points	0.61%	0.03%
First Bancorp/Southern Pines NCFBNC	PSCF +0.57 points	0.60%	0.03%
SiriusPoint LtdSPNT	PSCF +0.57 points	0.60%	0.03%
Trustmark CorpTRMK	PSCF +0.56 points	0.59%	0.03%
Artisan Partners Asset Management IncAPAM	PSCF +0.55 points	0.58%	0.03%
Beacon Financial CorpBBT	PSCF +0.55 points	0.58%	0.03%
BancFirst CorpBANF	PSCF +0.50 points	0.53%	0.03%
Banner CorpBANR	PSCF +0.50 points	0.53%	0.03%
Sezzle IncSEZL	PSCF +0.50 points	0.52%	0.02%
Northwest Bancshares IncNWBI	PSCF +0.49 points	0.51%	0.02%
WaFd IncWAFD	PSCF +0.46 points	0.49%	0.03%
Encore Capital Group IncECPG	PSCF +0.47 points	0.49%	0.02%
OFG BancorpOFG	PSCF +0.45 points	0.48%	0.03%
First Commonwealth Financial CorpFCF	PSCF +0.46 points	0.48%	0.02%
HCI Group IncHCI	PSCF +0.45 points	0.47%	0.02%
Cohen & Steers IncCNS	PSCF +0.45 points	0.47%	0.02%
City Holding CoCHCO	PSCF +0.44 points	0.46%	0.02%
Western Union Co/TheWU	PSCF +0.42 points	0.44%	0.02%
Bancorp Inc/TheTBBK	PSCF +0.42 points	0.44%	0.02%
Kemper CorpKMPR	PSCF +0.41 points	0.43%	0.02%
Payoneer Global IncPAYO	PSCF +0.41 points	0.43%	0.02%
Horace Mann Educators CorpHMN	PSCF +0.40 points	0.42%	0.02%
EVERTEC IncEVTC	PSCF +0.40 points	0.42%	0.02%
ARMOUR Residential REIT IncARR	PSCF +0.39 points	0.41%	0.02%
S&T Bancorp IncSTBA	PSCF +0.38 points	0.40%	0.02%
Dime Commercial Bancshares IncDCOM	PSCF +0.37 points	0.39%	0.02%
Hope Bancorp IncHOPE	PSCF +0.37 points	0.39%	0.02%
EZCORP IncEZPW	PSCF +0.36 points	0.38%	0.02%
Blackstone Mortgage Trust IncBXMT	PSCF +0.36 points	0.38%	0.02%
National Bank Holdings CorpNBHC	PSCF +0.36 points	0.38%	0.02%
Pathward Financial IncCASH	PSCF +0.34 points	0.36%	0.02%
Donnelley Financial Solutions IncDFIN	PSCF +0.33 points	0.34%	0.01%
Ellington Financial IncEFC	PSCF +0.32 points	0.34%	0.02%
Lakeland Financial CorpLKFN	PSCF +0.32 points	0.34%	0.02%
Safety Insurance Group IncSAFT	PSCF +0.32 points	0.34%	0.02%
Hilltop Holdings IncHTH	PSCF +0.30 points	0.32%	0.02%
Stewart Information Services CorpSTC	PSCF +0.29 points	0.31%	0.02%
PROG Holdings IncPRG	PSCF +0.29 points	0.30%	0.01%
Westamerica BanCorpWABC	PSCF +0.28 points	0.30%	0.02%
Merchants Bancorp/INMBIN	PSCF +0.29 points	0.30%	0.01%
Tompkins Financial CorpTMP	PSCF +0.28 points	0.29%	0.01%
United Fire Group IncUFCS	PSCF +0.26 points	0.27%	0.01%
Heritage Financial Corp/WAHFWA	PSCF +0.26 points	0.27%	0.01%
Walker & Dunlop IncWD	PSCF +0.26 points	0.27%	0.01%

All 159 PSCF holdings⁠All 404 VFH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PSCF vs VFH Cost

Overpaying PSCF vs VFH

$4,054

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

PSCF 0.29%
$5,952
VFH 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

PSCF 0.29%
VFH 0.09%
Overpaying

Year by year

Year	PSCF	VFH	Overpaying
10	$527	$165	$362
20	$2,044	$646	$1,398
30	$5,952	$1,898	$4,054

Expense ratio

0.29%PSCF
0.09%VFH, cheaper

VFH0.09%PSCF0.29%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

VFH 3rd cheapest of 18 funds

PSCF 4th cheapest of 18 funds

PSCF vs VFH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PSCF 2.22%, better; VFH 1.71%
Payout (12M): PSCF $1.39; VFH $2.35
Last payment: PSCF $0.39; VFH $0.45
Ex-dividend: PSCF Sep 21, 2026; VFH Sep 23, 2026
Paid on: PSCF Sep 25, 2026; VFH Sep 25, 2026
Frequency: PSCF Quarterly; VFH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSCFQuarterly · 36 paymentsAll PSCF payments⁠

VFHQuarterly · 39 paymentsAll VFH payments⁠

PSCF vs VFH Risk

Fall from peak · 5 years

PSCF
VFH

Risk facts

VolatilityStd dev, 3 years: PSCF 19.7%VFH 15.9%, better
Return per unit of riskSharpe ratio, 3 years: PSCF 0.79VFH 1.11, better
Worst fallMax drawdown, 5 years: PSCF −36.8%VFH −25.7%, better
Market sensitivityBeta, 5 years: PSCF 0.97VFH 0.82; Market = 1

PSCF and VFH in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026VFH

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PSCF vs VFH

In short

Stated mandate

Why people hold it

Worth knowing

How PSCF and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PSCF

Only in VFH

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Bank earnings week will miss most of what a financials fund owns

How PSCF and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PSCF

Only in VFH

Weight gaps